U.S. Dividend Growers Income Corp. completes $123 million IPO

On March 20, 2015, U.S. Dividend Growers Income Corp. (the “Fund”) completed an initial public offering of 12,300,000 equity shares (the “Equity Shares”) at a price of $10.00 per Equity Share for gross proceeds of $123 million. The Fund is designed to provide holders of Equity Shares with stable monthly cash distributions and to grow distributions over time and enhanced long-term total return through capital appreciation of the Fund’s investment portfolio through an investment strategy which focuses primarily on investing in securities of issuers that have exhibited strong dividend growth and that are organized in the United States or that desire a significant portion of their revenue or earnings from the United States. The offering was made through a syndicate of agents co-led by CIBC, RBC Capital Markets and Scotiabank, and including BMO Capital Markets, TD Securities Inc., GMP Securities L.P., National Bank Financial Inc., Canaccord Genuity Corp., Raymond James Ltd., Dundee Securities Ltd., Mackie Research Capital Corporation, Manulife Securities Incorporated and Middlefield Capital Corporation. The Fund and its manager, Middlefield Limited, were advised by a team from Fasken Martineau consisting of Stephen Erlichman, John Sabetti, Daniel Fuke and Dylan Chochla (Securities) and Mitchell Thaw (Tax).